CME Group supports CME Benchmark Administration Premium, a market data group for the following products:

• CME Term SOFR Reference Rates

• Petroleum Indexes

• CVOL Indexes

• RFR Benchmarks

Contents

Testing and Certification

Certification is required.

MDP Dissemination 

The CME Benchmark Administration Premium Market Data Platform (MDP) disseminates prices and also provides recovery and supporting services for market data processing.

Market Data Group

Market data is organized by Market Data Group, which is a configuration of MDP channels providing all market data required to support markets for a given product or set of products. This section outlines the CME Benchmark Administration Premium market data group.

CME MDP Component Overview

This section provides an overview of MDP components. 

UDP Incremental Feed

Feed A and Feed B disseminate UDP CME Group incremental market data using encoded packets containing the following FIX market data message type:

• Market Data Incremental Refresh (tag 35-MsgType=X)

All packets are sent through both UDP Feed A and UDP Feed B applicable Market Data Groups. This redundancy minimizes the chance of message loss due to UDP. 

UDP Feed A and UDP Feed B should be used for arbitration.

TCP Message Recovery

The TCP historical replay component allows client systems to request a replay a set of packets already published on the UDP Incremental Market Data Channel. The request identifies the start and end packet sequence numbers to be replayed. The request uses the Market Data - Request (tag 35-MsgType=V) message.

This type of request is sent through a new TCP connection established by the client. The responses are sent by CME Group through this same connection and the connection is then closed by CME Group once the resend is complete. Replay is limited to a maximum of 2000 packets. Data can be requested within the last 24 hours.

UDP MDP - System Startup

This section provides an overview of the startup procedure on for the market data group.

Startup Prior to Open

For a startup prior to the weekly market open, market data is disseminated through the Incremental UDP Feed A and Feed B. 

Follow the process below to ensure that all necessary market data is received:

1. Download the configuration files and schema files from the FTP or SFTP site.

2. Listen to the Incremental feed for incremental market data and start normal processing.

Market Data Support Services

Market data services provide the external data required to process CME Group market data.

Support Services 

There are four MDP services available for CME Benchmark Administration Premium: Incremental SBE Schema, Global TCP Recovery SBE Schema for UDP, Market Data Configuration and CME Reference Data API. An FTP site is used to store the schema files and configuration files for all environments.

FTP/SFTP Site Information

CME provides an FTP (https://www.cmegroup.com/ftp) and SFTP (sftpng.cmegroup.com) site to disseminate schema and market data configuration information. This FTP/SFTP site contains the schema and configuration files for all events. Schema and market data configuration details for the Production environment are only available to customers after the certification process is complete. 

Channel Guide

Below are the supported channels for CME Benchmark Administration Premium.  

Simple Binary Encoding Schema Overview

The following section outlines key concepts for Simple Binary Encoding (SBE) schema processing on CME Benchmark Administration Premium. For tag level messaging details see the CME Benchmark Administration Premium Message Specification.  

SBE Incremental Schema Overview

The following table outlines the Incremental SBE Schema template mapping for market data groups: 

Global TCP Recovery SBE Schema for UDP Overview

CME Benchmark Administration Premium utilizes a separate SBE schema dedicated for TCP recovery for UDP systems. Global TCP Recovery SBE Schema supports SBE release version 1.0 candidate 2. The SBE schema is named tcprecovery.xml and is currently available in the Global TCP templates directory.

CME Benchmark Administration Premium Data Overview

The following section is an overview of CME Benchmark Administration Premium.

CME Benchmark Administration Premium Overview for SBE Messaging

This section provides a technology overview of the CME Benchmark Administration Premium channels.

Simple Binary Encoding (SBE)

CME Benchmark Administration Premium uses compact Simple Binary Encoding (SBE) optimized for low latency of encoding and decoding while minimizing bandwidth utilization. Concise message sizes are used but without the processing cost of compression. All FIX semantics are supported. The encoding standard is complimentary to other FIX standards for session protocol and application level behavior.

TCP Recovery

The following section describes recovery services for CME Benchmark Administration Premium.

Incremental UDP Feed A and B

UDP Feed A and UDP Feed B are used to disseminate CME Group incremental market data using SBE-encrypted FIX messages. All FIX message types are sent through both UDP Feed A and UDP Feed B applicable market data groups. This duality minimizes the chance of message loss due to UDP. Each SBE message is sent on both feeds.  

TCP Replay Recovery

Client systems can recover specific messages that were missed using the sequence number and the TCP historical replay component. The TCP historical replay component allows systems to request a replay of a set of messages already published on the UDP Incremental Market Data Channel. The request specifies messages to replay. The request uses the SBE Market Data Request (tag 35-MsgType=V) message.

This type of request is sent through a new TCP connection established by client systems. The responses are sent by CME Group through this same connection and the connection is then closed by CME Group once the resend is complete. All responses are SBE-encoded (including the reject response).

The following restrictions apply when requesting messages via TCP Historical Replay:

• A maximum of 2,000 messages can be requested per Market Data Request (35=V) message.

• Only the current day's messages can be requested and resent.

Refer to MDP 3.0 - TCP Recovery for more information on TCP Replay.